THE ECONOMY: Tighter, as Planned

Only a month after the Administration
put its new hard-money policy into effect, cries of doom and disaster
welled up, most of them from predictable quarters. C.I.O. and A.F.L.
spokesmen expressed fears that the new policy would set off a
recession. A group of 19 Fair Deal Congressmen introduced a resolution
demanding that the Federal Reserve Board start pegging the price of
Government bonds again. Farmers, they said, were having trouble getting
support loans; industries had trouble financing expansion, and veterans
were having a tough time getting mortgage loans.